Iron Mountain Acquires FORTRUST

A significant chunk of data center space out in Denver is changing hands according to a press release this morning. Iron Mountain has agreed to purchase MAG DATACENTERS, which itself operates FORTRUST.

FORTRUST's facility spans 210,000 square feet, a third of which is rentable colo square footage, and has 9MW of power capacity. At present it is 75% leased. There is room for expansion of another 38,000 square feet of colo and 7MW of power.

Iron Mountain has operated more on the storage and services side of the data center business, but combined with an organic expansion in northern Virginia their infrastructure footprint is clearly growing both in size and geographical reach.

The purchase price is $128M, which Iron Mountain will fund out of $54.5M in cash on hand and $73.5M worth of stock in a private placement to the seller.